Kamis, September 18, 2008

Arab Economic Report: Iraq possessed oil and gas reserves equivalent to the total oil rich countries in the world

The Arab Economic Report for 2008 issued in Beirut recently, described that Iraq possessed stockpiles of oil and gas equivalent to the total oil-rich countries in the world, praising the economic policy implemented by the government, despite the complex security situation in the country.

The report reviewed by the Arab General Federation of Commerce, Industry and Agriculture Chambers, the stock mineral wealth of Iraq, stating that Iraq "possessed reserve of oil and gas equivalent to total oil countries indispensable," praising the government's economic policy that "works in spite of the complex security conditions, to develop the local economy and improve the standard of living of the population ",According to the report, which is consisted of 450 pages, that the "Iraq contains 530 geological complex of the large oil reserves," and provides that "there were 115 places dug so far, and their gas reserves are estimated at 311 billion barrels of oil, in addition to 415 places undiscovered, that reserves are estimated to be more than 215 billion barrels. "

The report addresses the gas wealth of Iraq, noting that the Iraqi oil ministry, "announced during the first half of 2007, the discovery of gas field stretching from Nineveh province in northern Iraq to Al Qa'em in the West region of the country, and south to the border with Saudi Arabia."

The report considers this field, "the largest in the country," adding that "EU countries had shown great interest in this field because of its closeness to the continent of Europe, especially in the framework of the joint gas pipeline project linking Jordan Egypt, Syria, Turkey, leading to the States of the European continent."

The report on the other side, handled with government actions in dealing with the economic sector, noting that it "works in spite of the complex security conditions, to develop the local economy and improve the standard of living for the population, through the creation of administrative and legislative frameworks and infrastructure required to activate the work of the private sector and attract foreign investment , Particularly in the current affluence resulting from higher oil prices in international markets."

The report indicates that "most of the reforms undertaken by the Government to control inflation and the restructuring of banks and developing the local private sector."